Archives from August 2016

Hungerford to redevelop Sears' Regina warehouse

Hungerford Properties has taken advantage of Sears Canada’s real estate selloff and acquired its first Saskatchewan asset, a 33-acre site in Regina that includes a 176,000-square-foot warehouse.

Hungerford Properties“It’s located within the Ring Road and not only is it a great quality building, but it has over 22 acres of excess land which we’ll also be offering to the market in smaller chunks of one to 10 acres,” said Hungerford partner Michael Hungerford of the property at 855 Park St. that’s been renamed Titan Business Park.

“That will eventually bring a lot more employment and business to the area. Sears has been in downsizing mode in recent years and we’ll be invigorating the site with a lot more business activity and investment.”

The warehouse that’s the centrepiece of the property — which was acquired for a reported $28 million, according to the CBC — features skylights, 26-foot clear ceiling heights, extensive glazing and a high capacity floor load. Additional dock doors are being added. Flexible bay sizes will start at 12,000 square feet, with space available up to 176,000 square feet, each with multiple dock loading doors and office components.

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Hungerford has big plans for Titan Business Park

For its first foray in the Regina real estate market, Hungerford Properties is making a big splash with Titan Business Park, a multi-million-dollar redevelopment of a 176,000 square-foot warehouse and 33-acre property formerly owned by Sears Canada, says Michael Hungerford, a partner in the family owned, Vancouver-based property development company.

“It presents a great opportunity for us to make a statement to the (Regina) market, that we’re committed to the market and that we believe in making strong, long-term commitments like this property represents,” Hungerford said in an interview Monday. “Where some people see challenges, we see opportunities.”

Hungerford Properties was initially attracted to the Sears warehouse and distribution centre by its location, namely 33 acres of prime property in the heart of Regina’s industrial district, Ross Industrial Park, which is close to major highways and rail lines.

“That flexibility is important to attracting tenants, whether it’s extra yard (space) that they need or to able to bring more businesses into the city by providing subdivided parcels of one to 10 acres.”

But the key to the deal is the 176,000-square-foot warehouse facility that will form the nucleus of Titan Business Park. “It’s a fantastic, high-quality building that we’re going to be improving and bringing to the market for multiple tenants.”

The plan is to reconfigure the existing warehouse building into smaller spaces — 12,000 square feet and up — and make them available to industrial or commercial tenants. “For larger users and for small businesses, we’ve got the flexibility to accommodate them all. That’s part of our strategy.”

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Five reasons to buy a Calgary commercial condo now

Are you leasing an office or warehouse space in Calgary? With interest rates at all time lows, now might be a good time to think about buying into your own commercial condo.

Commercial condos are an increasingly popular choice for savvy business owners who understand the value of building equity in their own company. In Vancouver and Toronto, the popularity of commercial condos is on the rise and availability is scarce. But in Calgary, there are more options for businesses wanting to buy into new, high quality, Class A commercial buildings.

In Calgary’s Meridian/Franklin area, for example, Hungerford Properties’ Nexus Business Centre is attracting companies like True Directional Services that purchased 4,100 square feet of office and warehouse space. After 5 years of renting, the directional drilling technology company felt that buying was the only option that made economic sense.

“With such low vacancy rates, rent in the Calgary market can be expensive,” says CEO Sean Senos. “Owning for my company means we can have more capital to invest in tools and growing the business, rather than throwing the money away at rent. It costs us 25% more to rent rather than to own.”

In addition to Nexus Business Centre, the top selling commercial condo in the Calgary market, there is Hungerford’s Fairmore Business Park, in South Central Calgary. Fairmore is a new 7-acre development located by Chinook Centre that is 48% sold and offers high-quality, Class A space in a brand new building.

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